GIPS - CFAI or Schweser

CFA Level III
#1

Hey guys, I apologize if this has been asked before - I tried searching and did not get any hits so thought I would ask this myself. My strategy (luckily successful) for Levels 1 and 2 were to read Schweser as my base study guide and then do CFAI EOC questions. I have done the same for L3 prep so far. I am in my final chapter now - GIPS - should I do the same thing? Can I trust Schweser? Or would you guys suggest reading from CFAI? I appreciate your help greatly! Good luck to all your AF members…

#2

GIPS, CFAI all the way. I have read both, but you get a lot more clarity from the way CFAI has explained them and thats how they will test them. At the end of the day it is all about memorization anyway.

#3

Thanks, considering you have read both and noticed CFAI to be better, I will do that as well. Anybody else think differently? I think this is the general consensus.

#4

General consensus is that everyone hates GIPS! I studied in CFAI books and use the pack of schweser for time to time refresher. Off-topic but I wonder how this might be valuable…Is there a certification for company which pefrom gips-compliance audit?

#5

The more commentary/explanation I read about GIPS, the more confused I become. I would go with CFAI - or, better yet, start with reading through the source document itself - http://www.gipsstandards.org/standards/current/2010_edition_gips.html

#6

Yeah, audit firms do GIPS compliance audits. Too bad I work for one and haven’t worked on a GIPS audit! Could have been so useful!

#7

Schweser >>>> CFAI. CFAI’s “hide and seek” approach to putting down all the standards is mind numbing. They don’t even put them in order.

#8

I would hope the questions are MC format, and not essay type.

#9

I dont know but i read Schweser. 2 times. and read All CFAI examples. (with blue colored) I read with immagination thinking the situation the content trying to tell. I think what matters is how much the candidates understand the points. whether it is Schweser or CFAI. And i am ready to read CFAI more easily now. with more understanding. But it is difficult to say what is better . it depends on the condition. for example if you choose Schweser, then have to do all the question and examples for the clear understanding

#10

Personally, I just downloaded the actual GIPS Standards and read those. Not messing about with either CFAI or Schweser for this one.

#11

I ended up doing CFAI. Still blows. Especially all the goddamn dates. I mean, really?